Modi's gold-restraint appeal puts jewellery OOH and airport media spends under review

PM Modi's call urging citizens to defer gold purchases for a year has jolted jewellery stocks and sparked a rethink on outdoor and airport media commitments. Committed campaigns run on, but creative messaging, media mix and festive planning look set to shift over the next few quarters.

— FiledThu, 14 May, 2026, 09:57 IST·First seen Thu, 14 May, 2026, 09:57 IST·Source ET BrandEquity

What happened

retail-brand · PM Modi's appeal urging citizens to avoid gold purchases for a year has impacted jewellery stocks and raised questions over OOH and airport media

Why this matters

Distressed ad inventory and softened jewellery valuations open a window to renegotiate long-tenor OOH contracts and scout bolt-on acquisitions of regional jewellers facing demand shock.